Maritime & Merchant Bank ASA (MMBANK) Financial Report 30.06.2022
Company news
2022-08-11 16:25:12
The profit for the period 01.01.22 - 30.06.2022 (H1 2022) before tax is USD 5 860 901 (USD 3 886 298 in H1 2021). Profit after tax is USD 4 395 676 in H1 2022 (USD 2 914 723 in H1 2021). This is the best half yearly result since the start of operation of the bank in 2017. The ROE in the period 01.04-30.06 (Q2) was 11.3% before tax, up from 8.7% before tax in Q1. Book value per share is USD 14.67 per 30-06-2022 (USD 14.08 per 30-06-2021). Earnings per share for the period 01.01.21 - 30.06.2022 before tax is USD 0.717 in H1 2022 (USD 0.48 in H1 2021). The amount of disbursed loans increased with 8,9 % during the period 01.01.22 - 30.06.2022 from USD 316 mill to USD 344 mill. There has been no credit losses and the bank has no non-performing loans.
Interim results for the period ended June 30, 2022
Company news
2022-08-11 11:10:02
Golar LNG Limited ("Golar" or "the Company") reports Net income of $230.0 million and Adjusted EBITDA1 of $101.0 million for Q2 2022 ("Q2" or "the quarter").
Sold the FSRU Golar Tundra for $350.0 million and agreed to sell the steam turbine LNG carrier Golar Arctic as a converted FSRU to Italy's Snam Group ("Snam") for 269.0 million.
Completed the sale of remaining TFDE carriers, The Cool Pool Limited, and Golar's shipping and FSRU management organization to Cool Company Ltd. (CoolCo).
Golar's share of Q2 Contractual Debt1 decreased from $1.7 billion at Q1 2022 to $1.0 billion at Q2 2022.
Subsequent to the quarter end, FLNG Hilli customer elected to exercise optional capacity of 0.2 million tons per annum ("MTPA") of Dutch Title Transfer Facility (TTF) linked production volumes from 2023 to 2026.
Entered into swap arrangements to hedge approximately 50% of Golar's exposure to TTF linked production for 2023 at a TTF price of $49.50/MMBtu.
Advancing MKII newbuild activities scheduled for delivery in 2025.
Target FLNG project announcement within 2022.
FLNG operations: FLNG Hilli maintained its 4+ year unbroken record of 100% uptime during Q2. Distributable Adjusted EBITDA1 from FLNG Hilli was $92.5 million for the quarter, of which Golar's share was $62.5 million. On July 27, 2022, Hilli customers Perenco Cameroon S.A. and Société Nationale des Hydrocarbures declared 0.2MTPA of their TTF linked optional production from 2023 until the end of the current contract in July 2026. On August 9, 2022 Golar entered into swap arrangements to hedge approximately 50% of Golar's exposure to the 2023 TTF linked production, securing around $80.0 million of 2023 Distributable Adjusted EBITDA1. Based on current average 2023 TTF gas prices for the remaining unhedged portion, Golars share of 2023 TTF linked gross proceeds from the TTF linked volume is expected to be $160.0 million. Including the Brent oil forward curve ($88/bbl), and the fixed tariff, Golar's share of Distributable Adjusted EBITDA1 from Hilli is expected to be approximately $305.0 million in 2023. Golar's share of forecast 2023 total annual debt service for Hilli's contractual debt is approximately $50.0 million (debt amortization of approximately $29.0 million and interest of approximately $21.0 million).
FLNG Gimi construction: Conversion of FLNG Gimi for its 20-year contract with BP scheduled to commence in Q4 2023 is 86% technically complete. During the quarter Golar and Keppel Capital, together the owners of FLNG Gimi, agreed to a $50.0 million incentive payment to Keppel Shipyard for initiatives to safeguard sail away within H1 2023. Golar owns 70% of FLNG Gimi, hence $35.0 million of the incentive payment will be for Golar's account. This will initially be funded from cash on hand. Once commissioned and delivered to the customer, FLNG Gimi is expected to unlock around $3.0 billion of Earnings Backlog1 to Golar, equivalent to $151 million in annual Adjusted EBITDA1. The commercial start-up of FLNG Gimi together with the commodity linked production from FLNG Hilli could result in Golar's share of annual Adjusted EBITDA1 generation from FLNG Hilli and FLNG Gimi exceeding $400.0 million within 2.5 years.
FLNG business development: Multiple new client engagements during the quarter as well as strong development of the existing FLNG growth pipeline across both integrated and tolling based projects.
Yard availability and updated pricing for both MKI and MKII designs was confirmed during the quarter, and in discussion for MKIII. Indicative pricing suggests a capex per ton of liquefaction capacity of between $500-600 million/ton. Both MKI and MKII designs can be delivered within 2025 if ordered during 2H 2022. Competitive construction and long-term lease financing term sheets for FLNG growth projects have been received.
Golar is ramping up construction engineering work and planning to order long-lead items during H2 for a MKII design FLNG, with a liquefaction capacity of up to 3.5MTPA. A suitable conversion candidate vessel has been identified and inspected.
Based on progress across the FLNG growth portfolio the Company maintains its target for FLNG announcement within 2022.
FSRU: Italian energy infrastructure company Snam and Golar signed two contracts. The first contract will see Golar convert the last of its trading steam turbine LNG carriers, Golar Arctic, into a FSRU. After its conversion, ownership of the Golar Arctic will be transferred to Snam who will pay 269.0 million for the completed FSRU. Following Snam's issuance of a Notice-to-Proceed, the conversion is expected to take up to two years. Golar will continue to trade the vessel as a carrier until it enters the yard for conversion.
The second contract saw Snam acquire the FSRU Golar Tundra for $350.0 million. After repayment of vessel debt and fees, Golar received net proceeds of $193.1 million in cash. Golar has agreed to lease the vessel back from Snam and trade it as an LNG carrier until November 2022, generating incremental earnings that will be reported in discontinued operations until Q4 2022. Golar also expects to enter into a development agreement to assist Snam with technical work on the vessel before start-up of FSRU operations.
Financial Summary
(in thousands of $)
Q2 2022
Q2 2021
% Change
YTD 2022
YTD 2021
% Change
Net income attributable to Golar LNG Ltd
230,032
471,434
(51)%
575,214
496,797
16%
Total operating revenues
67,227
65,303
3%
140,165
131,105
7%
Adjusted EBITDA
100,952
39,665
155%
190,647
80,199
138%
Golar's share of contractual debt1
1,002,228
2,186,512
(54)%
1,002,228
2,186,512
(54)%
Q2 Highlights and recent events
Financial and corporate:
Profitability: Net income attributable to Golar of $230.0 million for the quarter, including:
A $181.6 million unrealized gain (100% basis) on the Hilli Brent oil and TTF natural gas linked derivative instruments.
A $55.0 million realized gain (100% basis) on the Hilli Brent oil and TTF natural gas linked derivative instruments.
A $123.3 million realized gain on sale of the FSRU Golar Tundra.
A $76.2 million impairment charge recognized in respect of the Golar Arctic.
A $11.2 million realized loss on the 6.2 million New Fortress Energy Inc. ("NFE") shares sold on April 6, 2022.
A $37.8 million unrealized mark-to-market loss recognized on Golar's 12.4 million NFE shares held as at June 30, 2022 based on a June 30, 2022 carrying value of $39.57 per share.
A $16.3 million unrealized gain on interest rate swaps.
CoolCo transaction: Sale of the remaining 4 TFDE vessels, The Cool Pool Limited, and Golar's shipping and FSRU management organization released $34.3 million of cash and cash equivalents and reduced Contractual Debt1 by $480.9 million.
Tundra transaction: Sale of the FSRU Golar Tundra released $193.1 million of cash and cash equivalents and reduced Contractual Debt1 by $155.5 million.
Arctic transaction: Agreed to sell the LNG carrier Golar Arctic as a converted FSRU for 269.0 million, triggering the recognition of a non-cash $76.2 million impairment charge.
Hedges: Entered into swap arrangements on August 9, 2022 to hedge approximately 50% of Golar's exposure to TTF linked production for 2023 at a TTF price of $49.50/MMBtu.
Golar shares: Repurchased and then cancelled 200,000 Golar shares at a cost of $4.5 million. 107.8 million shares issued and outstanding as of June 30, 2022.
ESG: Invested in Oslo-based Aqualung Carbon Capture in May 2022, a technology company working on a promising carbon capture and separation membrane system that could be used on future FLNG units.
Financing facilities:
Credit Facility: Repaid the $131.0 million Q1 2022 drawn balance of the $200.0 million 3-year corporate revolving credit facility. The facility remains available until 2024 and is currently undrawn.
Bilateral Corporate Facility: Agreed to expire the $250 million undrawn bilateral corporate facility available until June 30, 2022 as year to date balance sheet initiatives allow for FLNG growth to be funded from existing cash balances and undrawn credit facilities.
Legacy UK tax lease case: Settled long running tax dispute in respect of UK tax lease transactions resulting in a $66.4 million final cash settlement (including fees).
FLNG:
Utilization: Industry leading operations maintained with 100% commercial uptime by FLNG Hilli.
TTF linked tariff volumes: Subsequent to the quarter end, FLNG Hilli customer elected to exercise 0.2 MTPA pursuant to its 2023+ capacity option which results in TTF linked production volumes from 2023 to July 2026 continuing at 2022 levels.
Construction: FLNG Gimi conversion project 86% technically complete. 22-million man-hours worked with strong safety record maintained. Gimi owners agreed to pay Keppel Shipyard an incentive payment of an additional $50.0 million to safeguard 1H 2023 sail away. On schedule for Q4 2023 start-up.
Financial Review
Business Performance:
2022
2021
Apr-Jun
Jan-Mar
Apr-Jun
(in thousands of $)
Total
Total
Total
Net income
286,538
410,014
507,337
Income taxes
(190)
374
92
Net income before income taxes
286,348
410,388
507,429
Depreciation and amortization
13,138
13,742
13,861
Impairment of long-term assets
76,155
Unrealized gain on oil and gas derivative instruments
(181,548)
(168,059)
(70,590)
Realized and unrealized MTM loss/(gain) on our investment in listed equity securities
49,001
(344,049)
84,801
Other non-operating (income)/losses
(3,887)
(6,136)
73,293
Interest income
(921)
(33)
(27)
Interest expense
5,279
6,156
8,110
(Gains)/losses on derivative instruments
(16,341)
(31,536)
6,869
Other financial items, net
4,215
(608)
(737)
Net (income)/losses from equity method investments
(4,065)
1,056
(839)
Net (income)/loss from discontinued operations
(126,422)
208,774
(582,505)
Adjusted EBITDA (1)
100,952
89,695
39,665
2022
Apr-Jun
Jan-Mar
(in thousands of $)
Shipping
FLNG
Corporate and other
Total
Shipping
FLNG
Corporate and other
Total
Total operating revenues
60,527
6,700
67,227
3,235
62,894
6,809
72,938
Vessel operating expenses
(1,685)
(14,972)
(1,439)
(18,096)
(2,134)
(14,181)
(1,789)
(18,104)
Voyage, charterhire & commission expenses
(569)
(150)
(25)
(744)
(540)
(150)
(25)
(715)
Administrative expenses
71
13
(10,003)
(9,919)
(2)
(42)
(10,100)
(10,144)
Project development (expenses)/income
(3,462)
761
(2,701)
(1,540)
689
(851)
Realized gains on oil derivative instrument (2)
55,019
55,019
42,631
42,631
Other operating income (3)
10,166
10,166
3,940
3,940
Adjusted EBITDA (1)
(2,183)
107,141
(4,006)
100,952
559
93,552
(4,416)
89,695
(2) The line item Realized and unrealized gain on oil and gas derivative instruments in the Condensed Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (LTA) and the natural gas derivative which is split into: Realized gain on oil and gas derivative instruments and Unrealized gain/(loss) on oil and gas derivative instruments. The realized component comprised (i) Brent oil linked fees of $32.6 million (March 31, 2022: $17.5 million), (ii) TTF-linked proceeds of $29.4 million (March 31, 2022: $26.3 million) and (iii) commodity swap expense of $7.0 million (March 31, 2022: $1.1 million) and represents the contracted amounts in relation to the Hilli LTA receivable in cash.
(3) Included in Other operating income is $10.2 million (March 31, 2022: $3.6 million) for production over Hilli's contracted tolling capacity of 1.4MTPA.
2021
Apr-Jun
(in thousands of $)
Shipping
FLNG
Corporate and other
Total
Total operating revenues
2,849
55,737
6,717
65,303
Vessel operating expenses
(1,696)
(13,745)
(2,682)
(18,123)
Voyage, charterhire & commission expenses
(50)
(150)
(25)
(225)
Administrative expenses
(14)
(185)
(9,332)
(9,531)
Project development expenses
(16)
(718)
(734)
Realized gains on oil derivative instrument
2,975
2,975
Adjusted EBITDA (1)
1,089
44,616
(6,040)
39,665
Golar reports today Q2 net income attributable to Golar of $230.0 million. Golar also reports Adjusted EBITDA1 of $101.0 million inclusive of FLNG Hilli and LNG carrier Golar Arctic but excluding the FSRU Golar Tundra that was sold to Snam on May 31, 2022, and the TFDE carriers, The Cool Pool Limited, and Golar's shipping and FSRU management organization sold to CoolCo during the quarter. Pro-rata Q2 results associated with these assets and entities are reported in discontinued operations.
On May 17, 2022 Golar entered into agreements with Snam relating to the conversion and subsequent sale of the converted LNG carrier Golar Arctic. Although ownership of the converted FSRU is not expected to transfer for up to 3-years, the transaction triggered an immediate impairment test. As the carrying value of the vessel exceeds its fair value as a carrier as of June 30, 2022, an impairment charge of $76.2 million has been recognized. The sale is expected to generate net positive cash and a gain on sale upon completion.
The Brent oil linked component of FLNG Hilli's fees generates additional annual operating cash flows of approximately $3.1 million for every dollar increase in Brent Crude prices between $60.00 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. As a result of higher commodity prices, a $32.6 million realized gain on the oil derivative instrument was recorded in Q2, up from the $17.5 million realized in Q1. Golar has an effective 89.1% interest in these earnings. A Q2 realized gain of $29.4 million was also recognized in respect of fees for the TTF linked production, up from the $26.3 million realized in Q1. Golar has an effective 86.9% interest in these earnings. Offsetting this was a $7.0 million realized loss (100% attributable to Golar) on the hedged component of the quarter's TTF linked earnings. Collectively a $55.0 million realized gain on oil and gas derivative instruments was recognized as a result.
The mark-to-market fair value of the Hilli Brent oil linked derivative asset decreased by $0.3 million during the quarter, with a corresponding unrealized loss of the same amount recognized in the income statement. The fair value decrease was driven by a downward movement in the expected future market price for Brent oil. Predominantly driven by the recognition of a derivative asset reflecting the valuation of the discounted value of the tolling fee above the floor in respect of the customer's TTF linked capacity for 2023-2026, the mark-to-market fair value of the Hilli TTF natural gas derivative asset increased by $170.5 million during the quarter with a corresponding unrealized gain of the same amount recognized in the income statement. A $11.4 million unrealized gain in respect of the hedged portion of Q3 2022 TTF linked Hilli production was also recognized during the quarter. Collectively this therefore resulted in a $181.6 million Q2 unrealized gain on oil and gas derivative instruments.
FLNG Hilli production over and above the quarter's pro-rata share of 1.4 million tons of full year 2022 contracted production resulted in the recognition of $10.2 million of Other operating income during the quarter.
The pricing of the 6.2 million NFE shares sold on April 6, 2022 was less than their carrying value and a $11.2 million realized loss was recorded. A decrease in the NFE share price between April 1 and June 30 also resulted in the recognition of a Q2 unrealized mark-to-market loss of $37.8 million on Golars remaining 12.4 million NFE shares in Other non-operating losses. The fair value of these shares was $39.57 per share as of June 30, 2022 (price as of August 9, 2022 was $54.92). Together with $1.2 million of dividend income from NFE, this collectively contributed to most of the $45.1 million of Other non-operating losses during the quarter.
Balance Sheet and Liquidity:
As of June 30, 2022 Golar had $528.8 million of cash and cash equivalents and $91.5 million of restricted cash. Restricted cash includes $16.7 million relating to the Hilli lessor-owned VIE. Total Golar Cash1 therefore amounts to $603.5 million. This includes $253.0 million of net proceeds from the sale of NFE shares, $193.1 million net proceeds from the sale of FSRU Golar Tundra, repayment of the $131.0 million Corporate RCF, and settlement of the $66.4 million legacy UK tax lease case. The full $200.0 million undrawn Corporate RCF continues to be available for future drawdown and is secured by Golar's remaining 12.4 million NFE shares.
Expected FLNG funding sources (in millions of $)
June 30, 2022
August 10, 2022
Total Golar Cash1,2
604
604
Undrawn $200m Corporate RCF (up to)
200
200
Potential near-term funding sources
804
804
Listed Securities
NFE, Avenir LNG Limited, and CoolCo shares1,3
672
879
Net of Corporate RCF secured by NFE investment
(200)
(200)
Forecast Total Golar Cash and Listed Securities1 (available for future FLNG growth)
1,276
1,483
(2) Assumed unchanged from June 30, 2022 (3) Based on market value of NFE and book value of CoolCo and Avenir LNG Limited.
Inclusive of $13.3 million of capitalized interest, $107.3 million was invested in FLNG Gimi during the quarter, increasing the total FLNG Gimi Asset under development balance as at June 30, 2022 to $1.1 billion. Of this, $535.0 million had been drawn against the $700 million debt facility. Both the investment and debt drawn to date are reported on a 100% basis. During the quarter the Gimi owners (of which Golar owns 70%), agreed to pay Keppel Shipyard an additional $50.0 million in order to safeguard a 1H 2023 sail away. This increases the capital cost of FLNG Gimi to $1.43 billion, of which around 10% is payable whilst the vessel will receive a reduced rate of hire during commissioning and post customer acceptance full rate hire. Golar's share of remaining capital expenditure to be funded out of equity and cash from commissioning hire and operations, net of the Company's share of remaining undrawn debt amounts to $228.0 million.
Included within the $366.8 million current portion of long-term debt and short-term debt as at June 30, 2022 is $359.6 million in respect of the Hilli lessor-owned VIE subsidiary that Golar is required to consolidate. Contractual Debt1 attributable to Golar amounts to $1.0 billion. Net of Total Golar Cash1 of $0.6 billion, Net Debt1 therefore falls to around $0.4 billion. If the value of Total Golar Cash and Listed Securities1 as of June 30, 2022 is taken into account, this figure becomes net cash of $0.3 billion. Assuming current commodity prices prevail, Golar's share of 2022 Adjusted EBITDA1 is on track to exceed $200.0 million, $250 million in 2023 and $400 million in 2024. Offering strong debt coverage, near-term earnings power and meaningful growth potential that can be financed, Golar is well positioned to support a final investment decision on at least two of the several new FLNG projects it is working on.
Corporate and Other Matters:
As at June 30, 2022, Golar had 107.8 million shares issued and outstanding. There were also 1.0 million outstanding stock options with an average price of $15.49 and 0.2 million unvested restricted stock units. Subsequent to the quarter end 0.1 million performance stock units were also awarded. These will vest over a three year period commencing July 2022. Of the initial $50.0 million approved share buyback scheme, $14.5 million remains available for further repurchases which will continue to be opportunistically pursued. The Annual General Meeting was held on August 10, 2022.
Non-GAAP measures
In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies, and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations from these results should be carefully evaluated.
Non-GAAP measure
Closest equivalent US GAAP measure
Adjustments to reconcile to primary financial statements prepared under US GAAP
Rationale for adjustments
Performance measures
Adjusted EBITDA
Net (loss)/income attributable to Golar LNG Limited
+/- Net financial expense +/- Other non-operating income/expenses +/- Income taxes +/- Equity in net (losses)/ earnings of affiliates - Net income attributable to non-controlling interests +/- Unrealized loss/(gain) on oil and gas derivative instruments + Depreciation and amortization + Impairment of long-term assets +/- Net income/(loss) from discontinued operations
Increases the comparability of total business performan
JACK: Jacktel Interim Report Q2 2022
Company news
2022-08-11 09:31:03
Haven has been located at the Tyra field offshore Denmark during the entire quarter. Haven has provided a 100% gangway connection and has continued its safety record with no lost time incidents.
The operating income for Q2 amounts to 5.3 MUSD. Operating expenses equaled 3.6 MUSD. This resulted in an EBITDA of 1.7 MUSD and an operating loss of 1.2 MUSD. Financial expenses for the second quarter equaled 2.1 MUSD. Net loss for the second quarter amounts to 3.3 MUSD.
For further information, please contact:
Bjørn Eie Henriksen CEO Macro Offshore Management AS Tel: +47 94 13 04 32 E-mail:bjorn.henriksen@macro-offshore.com
or
Daniel Samuelsen CFO Macro Offshore Management AS Tel: +47 91 75 83 01 E-mail:daniel.samuelsen@macro-offshore.com
MyBank ASA: Profit for the second quarter of 2022 of NOK12m
Company news
2022-08-11 08:00:39
MyBank ASA reported a 20% ROE in Q2 2022 and an underlying ROE of 24% in the quarter. The net profit was NOK 12.4m (positive NOK10.7m in Q2 2021) and the underlying net profit was NOK 15.0m (NOK 11.9m in Q2 2021). The bank remains well capitalised with a capital ratio of 27% and will continue focusing on systems and competencies going forward.
CrayoNano AS (NOTC:CNANO) is pleased to announce its Q2 2022 Financial Results. During the period, CrayoNano continued its planned launch of its first product, a UV-C LED for the fast growing disinfection market.
Jo Uthus, CEO said:
We have continued to deliver on our plans to disrupt the UV-C LED market and we are now in the test & trial phase of our first product with a selected group of customers. We are seeing a strong demand for UV-C LEDs and are on plan to start selling our components in the second half of 2022.
To support our ambition of a high-quality market entry, we are scaling our in-house operations and have accelerated our plans to implement and build our new design center in Taiwan, which we expect to be operational in the fourth quarter.
We have appointed DNB and Sparebank1 Markets as advisors to assist in raising new equity to support our acceleration plans and long term funding requirements.
Operational Update
CrayoNanos first UV-C LED product is now available, with confirmed interest from the targeted system integrators we have engaged with. As part of our high-quality market entry, we have shipped our first units to a select small group for test, trials, and design-in. As expected, demand for our component has been strong. We are now preparing volume production, and are filling the pipeline as planned, shipping in 2023.
The Taiwan product design and manufacturing center, commencing operations in Q4, continues to be our priority to quickly bring and scale our new technology from development to the local foundries for mass market adoption. The UV-C LED disinfection market continues to grow at double digits and is expected to be worth USD 2.5bn by 2025. We see exceptional potential for our technology with our ability to meet high market demand with volume production, which should enable CrayoNano to become market leader in the UV-C LED market.
As we continue to strengthen our organization, including our Taiwan operations, payroll and other operating costs increased during the period to NOK 18.2m in Q2 2022 compared to NOK 16.2m in Q1 2022, or NOK 9.9m in Q1 2021. CrayoNano has pre-purchased key inputs and materials in the second quarter to support the production ramp up in H2 2022. This has increased the cash spending to NOK 28m. The cash effect from working capital changes is expected to moderate again in the next quarter
CrayoNano has a robust cash position of NOK 58m at the end of the first half of 2022
Private Placement Update
CrayoNano is contemplating a private placement to raise new equity to support the current acceleration plans and long term funding requirements. CrayoNano also continues to prepare for a listing on Euronext Growth. The company has appointed DNB Markets and SpareBank1 Markets as advisors in connection with the contemplated capital raise and potential listing.
As announced 27th August 2021, CrayoNano has already signed a term sheet with the European Investment Bank (EIB) where the EIB has pre-committed EUR 5m in equity funding subject to certain terms and conditions
Conference Call Details
CrayoNano will host an analyst and investor video webcast about its Q2 2022 Financial Update at [10:00 CET].
The live video webcast will be accessible via the companys website: https://kvgo.com/IJLO/CrayoNano-Q2-2022-Financial-Results
A video replay service will also be made available after the webcast at the above web address
Calendar of future events for CrayoNano
Q3 Financial Update 26 October 2022
For more information, please contact:
CEO Jo Uthus Mail: investor@crayonano.com Phone: +47 72 90 98 60
Golar LNG Limited (the Company) advises that the 2022 Annual General Meeting of the Company was held on August 10, 2022 at 09:00 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2021 were presented at the Meeting.
The following resolutions were passed: 1) To re-elect Tor Olav Trøim as a Director of the Company. 2) To re-elect Daniel Rabun as a Director of the Company. 3) To re-elect Thorleif Egeli as a Director of the Company. 4) To re-elect Carl Steen as a Director of the Company. 5) To re-elect Niels G. Stolt-Nielsen as a Director of the Company. 6) To re-elect Lori Wheeler-Naess as a Director of the Company. 7) To re-elect Georgina E. Sousa as a Director of the Company. 8) To re-appoint Ernst & Young LLP of London, England as auditors and to authorize the Directors to determine their remuneration. 9) To approve remuneration of the Companys Board of Directors of a total amount of fees not to exceed US$1,750,000 for the year ended December 31, 2022.
Hamilton, Bermuda August 10, 2022
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
SOIL: Soiltech and Abu Dhabi National Oil Company (ADNOC) expand their operations
Company news
2022-08-10 10:07:53
ADNOC has contracted a second STT unit from Soiltech for treatment of contaminated water (slop) and brine. The unit started operation in the UAE in Q32022.
Soiltechs STT units enable ADNOC to treat slop and recover heavily contaminated brine on site. Importantly, this provides for substantial savings, both environmentally and economically. Brine is heavy and expensive drilling mud used in the well to support the formation during completion.
Stig H. Christiansen, CEO in Soiltech, comments; We are very proud to expand our long-standing relationship with ADNOC. Soiltechs focus is towards helping our clients achieve more sustainable, safer and more cost-efficient drilling operations, and we thank ADNOC for their continued belief in our solutions and services.
Soiltechs slop treatment system (STT) is an on-site mechanical technology which treats water contaminated with oil and particles. The treated oil and water may be reused in the drilling process. The STT reduces our clients environmental footprint and costs by lowering their CO2 emissions through reduced energy usage, onsite treatment and reuse, and reduced transport of volumes to shore. Soiltechs technology represent Best Available Technology.
About Soiltech
Soiltech is an innovative cleantech service provider specializing in the treatment, recycling and responsible handling of contaminated water and solid industrial waste streams. Soiltechs purpose is to contribute to a sustainable future through the development and application of innovative clean technologies and delivery of cost efficient, safe and low emission solutions and services. Soiltechs waste management delivery includes treating slop, handling drill cuttings, swarf (steel particles) removal as well as tank and pit cleaning. Soiltech designs, build and operate our technologies on our customers sites, and the services are provided in close co-operation with the customers.
Soiltech is headquartered in Norway, has 75 employees, and currently operates in Norway, the UK, the Netherlands and Abu Dhabi.
Soiltech is listed on Euronext NOTC in Norway under the ticker SOIL.
CASTOR : Castor Maritime Inc. Reports Net income of $27.8 Million for the Three Months Ended June 30, 2022 and $47.7 Million Net income for the Six Months Ended June 30, 2022.
Green Transition Holding AS (ticker code: GTH) announces the following trade;
Chairman of the Board, Mr. Erik Flatebø, has purchased 136.800 shares in Green Transition Holding AS through his company Pima AS at a price of NOK 35,00 per share. Following the transaction, Mr. Flatebø holds in total 1.493.585 shares in Green Transition Holding AS equivalent of 10,67% of the companys shares.
About Green Transition Holding Green Transition Holding (GTH) is a project developer and asset owner within the EfW and bio energy space. Our mission is to develop and commercialize innovative technologies that improve the sustainability of industries. Through our Group Companies we offer a proven EfW technology and more than 30 years of industrial experience in constructing, developing, and maintaining waste and energy assets.
GEGR: Green Energy Group (Seabird Exploration plc) is registered on the NOTC-list.
Company news
2022-08-08 17:15:38
Green Energy Group (Seabird Exploration plc)
Green Energy Group (Seabird Exploration plc) private placement shares are registered on the NOTC-list as of 9 August 2022 with ticker code GEGR. For more information, please see link to announcement from the company https://newsweb.oslobors.no/message/567622
Green Energy Group (ISIN:CY0200210918, ticker GEGR) er lagt inn i handelsstøttesystemet
Ny aksje: Green Energy Group (Seabird Exploration plc) (GEGR)
Corporate actions
2022-08-08 16:46:35
Green Energy Group (Seabird Exploration plc) (ISIN:CY0200210918, ticker GEGR) er lagt inn i handelsstøttesystemet
SOIL: Soiltech signs a three-year frame agreement with Ithaca Energy (UK) Limited
Company news
2022-08-08 13:45:56
Soiltech has entered in to a three-year frame agreeement with Ithaca Energy (UK) Limited for the provision of offshore slop processing services.
Stig H. Christiansen, CEO in Soiltech, comments; We are very pleased to be selected by Ithaca Energy (UK) Limited to provide offshore slop processing services through this three-year frame agreement. Our solutions will contribute to achieve safer, cost efficient and sustainable drilling operations for the client.
Soiltechs slop treatment system (STT) is an on-site mechanical technology which treats water contaminated with oil and particles. The treated oil and water may be reused in the drilling process. The STT reduces our clients environmental footprint and cost by lowering their CO2 emissions through reduced energy usage, onsite treatment and reuse, and reduced transport of volumes to shore. Soiltechs technology represent Best Available Technology.
About Soiltech
Soiltech is an innovative cleantech service provider specializing in the treatment, recycling and responsible handling of contaminated water and solid industrial waste streams. Soiltechs purpose is to contribute to a sustainable future through the development and application of innovative clean technologies and delivery of cost efficient, safe and low emission solutions and services. Soiltechs waste management delivery includes treating slop, handling drill cuttings, swarf (steel particles) removal as well as tank and pit cleaning. Soiltech designs, build and operate our technologies on our customers sites, and the services are provided in close co-operation with the customers.
Soiltech is headquartered in Norway, has 75 employees, and currently operates in Norway, the UK, the Netherlands and Abu Dhabi.
Soiltech is listed on Euronext NOTC in Norway under the ticker SOIL.
Aprila Bank ASA: Invitation to presentation of Q2 2022
Company news
2022-08-02 08:57:16
Aprila Bank ASA reports the interim results for the second quarter on 12 August 2022. A presentation will be broadcasted live through the link below. The presentation will be followed by a Q&A session.
Date: 12 August 2022 Time: 10:00 CEST Link: https://events.webcast.no/viewer-registration/fkJ2iLy8/register
The presentation will be available on the company's website: https://www.aprila.no/investor-relations
Contact person at Aprila Bank ASA: Kjetil Barli, CFO +47 908 42 016 kjetil@aprila.no
CrayoNano Q2 Trading Update Invitation
Company news
2022-08-01 16:41:51
CrayoNano (NOTC:CNANO) would like to extend an invitation to our Q2 Trading Update. The presentation will be presented in English by Jo Uthus, CEO, and Jens Kielland, CFO.
Date: 11th Aug 2022 Time: 10:00 - 11:00 CET Please register for the event on our website (www.crayonano.com/investors)
For more information, please contact:
CEO Jo Uthus Mail: investor@crayonano.com Phone: +47 72 90 98 60
About CrayoNano CrayoNano develops and manufactures semiconductor components based on our expertise and technology in nanomaterials. With on our patented and proprietary technology, our first application targets the fast-growing disinfection market with high quality and performance driven UV-C LEDs.
The company is headquartered in Trondheim, Norway, applying a fab-lite model with a global supply-chain and worldwide footprint to provide our customers with innovative semiconductor devices. Our vision is to enable new applications and solutions in health & safety, water purification, life sciences, consumer and industrial goods, and automotive industries. CrayoNano is registered on OTC in Norway under the ticker: CNANO.
Golar LNG's 2nd Quarter 2022 results will be released before the NASDAQ opens on Thursday, August 11, 2022. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Thursday August 11, 2022. The presentation will be available to download from the Investor Relations section at www.golarlng.com
We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access the event via the conference call by clicking on this link. We recommend connecting 10 minutes prior to call start. Information on how to ask questions will be given at the beginning of the Q&A session. There will be a limit of two questions per participant.
a. Listen-only live webcastlink Go to the Investors, Results Centre section at www.golarlng.com and click on the link to "Webcast". To listen to the conference call from the web, you need to have a sound card on your computer, but no special plug ins are required to access the webcast. There is a Help link available on the webcast pages for anyone who may have issues accessing.
b. Teleconference Beginning this quarter, conference call participants should register to obtain their dial in and passcode details. This new, streamlined process eliminates wait times when joining the call. When you log in, you can either dial in using the provided numbers and your unique PIN, or select the Call me option and type in your phone number to be instantly connected to the call. Use the following link to register.
Please download the presentation material from www.golarlng.com (Investors, Results Centre) to view it while listening to the conference.
If you are not able to listen at the time of the call, you can assess a replay of the event audio on www.golarlng.com (Investors, Results Centre) (on-demand link is available for one year).
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Minutes from AGM for Nordavind AS
Company news
2022-08-01 11:36:10
Please find attached minutes from the Annual General Meeting, held on June 29, 2022.
FLNG Hilli Customer option exercise of TTF linked production
Company news
2022-07-27 13:00:02
Golar LNG Limited ("Golar") announces today that Perenco Cameroon S.A. (Perenco) and Société Nationale des Hydrocarbures (SNH), together the customer of FLNG Hilli (Hilli), have elected to exercise 0.2 million tons per annum (MTPA) of their optional Dutch Title Transfer Facility (TTF) linked production volumes from 2023 to July 2026, continuing Hillis 2022 production volume of 1.4 million tons per annum.
The tariff for the 0.2 MTPA from January 2023 to July 2026 is linked to TTF gas prices. Based on current average 2023 TTF gas prices ($45.49/MMBtu) the 0.2 MTPA of production can generate US$135 million of incremental annual Adjusted EBITDA to Golar. For each US$1.00/MMBtu change in TTF, this Adjusted EBITDA will increase (or decrease) by US$3.2million. The total value of the 0.2 MTPA production from 2023 until July 2026 is approximately $267 million in Adjusted EBITDA to Golar based on current TTF forward prices.
Hence Hilli will continue with three components to its Adjusted EBITDA generation; a fixed tariff, a Brent oil linked tariff, and a TTF gas price linked tariff. At current forward prices for 2023, Golars share of annual distributable Hilli Adjusted EBITDA is expected to be approximately $286 million (fixed tariff of $65 million, Brent oil linked earnings of $86 million, and TTF linked earnings of approximately $135 million). Golars share of total annual debt service for Hillis contractual debt is approximately $50 million (debt amortization of approximately $29 million and interest of approximately $21 million). Hilli is therefore expected to generate significant free cash flow to equity for the reminder of the fixed contract. Golar may enter into hedging transactions to reduce the sensitivity of the commodity linked components of Hillis future earnings, as we have done in 2022.
Golar CEO Karl Fredrik Staubo commented: We are pleased to see continued TTF linked gas volumes from Hilli through the rest of the existing contract, maturing in July 2026. These confirmed additional volumes combined with Hillis outstanding operational track record will add significant free cash flow generation near term with no incremental capex.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects managements current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as may, could, should, would, expect, plan, anticipate, intend, forecast, believe, estimate, predict, propose, potential, continue, or the negative of these terms and similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.
Hamilton, Bermuda
July 27, 2022
Enquiries:
Golar Management Limited: + 44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
HEROIC GROUP: MINUTES FROM EGM - 25/07/2022
Company news
2022-07-27 12:27:13
To the shareholders of Heroic Group AS,
An extraordinary general meeting was held on the 25th of July 2022.
All items on the agenda were approved in accordance with the board's proposed resolutions as set out in the notice of the general meeting dated 16th of July 2022.
The minutes from the meeting are enclosed.
Contact: Joachim Harg, Head of Finance and Investor Relations harg@heroic.gg +47 911 25 560
